PHOTO
· Dubai Chamber is playing a key role in implementing the Dubai Industrial Strategy by identifying challenges faced by the private sector
· Recommendations and future steps have been outlined and shared with the public sector to attract more foreign direct investment
· H.E. Buamim: Chamber to soon announce a new research and development initiative to benefit the sector
Dubai, UAE: As part of its role to represent Dubai’s private sector and support the Dubai Industrial Strategy 2030, the Dubai Chamber of Commerce and Industry has outlined a number of challenges faced by industrial companies in the emirate, as well as several recommendations to boost growth in the sector.
Following extensive dialogue with the private sector, the Chamber identified some of the main obstacles within the industrial sector, which include a lack of unified customs policies and procedures throughout the UAE, the high cost of labour and training, and shortage of skills needed to keep the sector competitive. The feedback suggested that a lack of skilled labour could stand to hinder growth if this gap is not filled.
H.E. Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry revealed that open door meetings held with the private sector had put forth a number of recommendations which have already been shared with the public sector. These focused on the urgent need for unified customs policies, simplified procedures for exports and re-exports, and investment in training to develop a skilled workforce. Participants stated that the signing of additional free trade agreements (FTAs) with different countries would support trade growth, adding that there is also a major role to be played by banks in the UAE to provide financing and credit to SMEs in the industrial sector.
“One of the most important suggestions raised was the need to develop research and development, as this area remains vital to the growth of Dubai’s industrial sector and economy. We are currently working on an R&D-focused initiative for this sector specifically, which will be announced very soon,” said H.E. Buamim.
He added that the Chamber is committed to attracting foreign investments in the six priority sub-sectors of the industrial strategy through its international offices, outbound trade missions, and the major global events it organises with its international partners. The Chamber currently has 3,223 manufacturing firms among its members and is aiming to attract more from the sector in the coming years.
“We will also continue our advocacy efforts in the form of suggesting laws and policies that facilitate growth and investment within the industrial sector.”
H.E. Buamim also highlighted a clear need to boost Emiratisation in Dubai’s industrial sector as it currently does not exceed 1%, adding that there should be more efforts to raise this figure in the near future.
The Dubai Industrial Strategy 2030 was launched earlier this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The strategy aims to strengthen the manufacturing sector and facilitate its integration with other economic sectors to create a highly competitive and attractive investment environment as part of the Dubai Plan 2021.
-Ends-
About
Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
Follow us on:
www.facebook.com/dubaichamber
www.twitter.com/dubaichamber
http://www.linkedin.com/company/dubai-chamber-of-commerce-&-industry/
www.youtube.com/DubaiChamberTV
www.instagram.com/dubaichamber
www.flickr.com/dubaichamber
For more information, please contact:
Ruba Abdel Halim
Manager, PR &Corporate Communications
Tel: +971 4 2028450
Email: ruba.halim@dubaichamber.com
© Press Release 2016
